More news on credit availability

Following on from our recent blog item on SME businesses finding it difficult to obtain credit, the Federation of Small Businesses has produced results of a survey which shows only 60% of small business applications for credit are successful, the lowest since the end of 2015.  The results also showed that only one in every four business borrower said that the credit costs were “affordable”- a fall from 33% only a year ago.  Our advice is that small businesses need to be more aware of the market for borrowing and be prepared to shop around more in order to get the finance needed at the best price.